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] that would have been unimaginable. >> now mr. cruze says his dad made it on his own without government assistance. he worked hard and provide for his family and now his son has achieved the american dream. that's the way this country is supposed to work. but president obama himself has a very compelling story to tell. his father abandoned him. he was raised primarily by his maternal grandparents in hawaii. he had few resources. yet, barack obama rose up to become the most powerful man in the world, a stunning achievement. how much the system helped mr. obama is unknown as his college records have been kept private. we don't know the extent of affirmative action. we don't know how much the government subsidized his climb to the top. it would be very helpful to have that information simply to be fair to the president and his vision there is no president obama believes his discuss is is due to government that goes to the famous line "you didn't build that." so the battle lines are now drawn between senator cruise who believes in the free market and small government and president obama who
european union and the government of cyprus has agreed on a euro package to salvage the countries tanks. many are still skeptical. a call for politicians to be held accountable. as this nation prepares to face years of austerity to meet the terms laid out by its international lenders. >> we will be going live to our correspondents in just a moment. first, this report. >> cyprus's a banks have been closed for 10 days now. the two mainlanders will be shut on thursday. smaller banks will open in the morning. the to be a bank holiday anyway. went ahead as planned. celebrations are muted. everyone knows there are hard times ahead. >> there is no other choice. i cannot say we rejoice, but if this is the only possible way, then i want to assure you that we will be very resilient. >> it is goodbye to the low-tax business model that attracted lots of money a broad, a huge number of inking jobs will go. the country's a second-biggest bank, lockheed, will be submerged into the bank of cyprus. that's a, too, will be radically structured. euros will remain frozen. 30% will be taken to help sor
, eyewitnesses said the rebels control strategic locations. foreign forces helping the government also suffered a defeat. the south african soldiers were tasked with guarding bangui. is himself a former soldier. ruleast few months of his were turbulent. his term is not up until 2016. rebels said they want to hold elections. there is still heavy fighting in bangui. a peaceful transition is not on the cards. >> paris musharraf has returned home from self-imposed exile, declaring he was to save the country. musharraf spent the past four years in london and dubai, but now wants to take part in elections this may. >> coming home may herald a comeback for musharraf. greeting supporters after stepping off his flight. i've come back, putting my life in danger, in order to save pakistan. >> not everyone in pakistan is happy he is home. the military man made many enemies as president. in 2008, musharraf was forced to quit amid political turmoil i. his political past could come back to haunt him. pakistan's teledyne hates musharraf because he supported george w. bush's war on terror hatesevision -- taliba
. the government of cyprus has brokered a last-ditch $13 billion bailout deal with european officials to stave off the collapse of its banking sector. under the deal, on deposits above approximately $130,000 in the island's main banks will be frozen and used to help pay off the banking sector's debts. in addition, cyprus' second- largest bank will be shut down. an earlier version collapsed last week when tsipras took to the streets to protest and a tax of up to 10% on their life savings. on sunday, fresh protests erupted. on cyprus withre the economist richard wolff after the headlines. and your report says the cia has been supporting a vast expansion in the flow of weapons to syrian rebels fighting president bashar al-assad. the new york times reports the airlift of arms and equipment to the rebels, largely overseen by turkey, has massively increased since early 2012 to include more than 160 flights in jordanian, saudi and qatari planes. u.s. intelligence officers have helped shop for weapons and have vetted rebel groups to decide who gets the arms. the cia's covert backing comes despite the obam
liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking up tomorrow morning and then finding a thousand bucks missing, right off the top, does that sound over the top? in cyprus that is reason that thousands of bankustomers are blowing their talk, with talk of a 10% tax on deposit the money, has a lot of angry customers storming the atm machines but the government has closed banks to avid a bank run, a keeping them close until they sort this out, but the tax is till coming. for cyprus it is about the cost of staying in the euro club, never mind how average i citizes there are getting club. but this is about taxing assets there. something with which we should all be very familiar here. no uncle sam has not hacked into our bank accounts -- yet, but he made a b-line for our other ass
. this is a big government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank and move them to another cyprus bank. the bad deposits, the bad loan, the junk that's in laiki bank will remain as a stub and those assets will be sold off over time. first, it's going to get them a lot claeser to the $5.8 billion they need to come up with. the other key point, people under 1 hu
was crossed. at thisote without point having all the facts there me, that we know syrian government has the capacity to carry out chemical weapon attacks. inknow that there are those the syrian government who have expressed a willingness to use chemical weapons, if necessary, to protect themselves. of anyeply skeptical claim that, in fact, it was the opposition that use chemical weapons. everybody who knows the facts of chemical weapons stockpile inside syria as well as the syrian government could abilities, i think would question those claims. i know they are floating out there right now. point is, once we establish the facts, i have made clear the use of chemical weapons is a game changer. host: in the newspaper this morning, and israel -- this is from a cnn interview -- host: i want to get your reaction and your thoughts on u.s. policy towards syria. the numbers are on your screen -- host: you can also post a comment on facebook or send a twitter. you can send an e-mail, journal@c-span.org. the washington post, obama warns syria on chemical arms -- host: the british-based syrian obse
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
, rangery. they're if disbelief over this decision that was struck between the government and brussels leaders on saturday morning. but it's not just the people who are angry. it's also the politicians. many politicians in this 50/60 parliament in cyprus have said they would reject the bailout package because of the hugely unpop already deposit tax. press reports indicate that up to three parties could be volting against the bailout deal, which will be voted on in parliament later today. that's the debate and the vote are expected to kick off around 4:00 p.m. local time. so what the president is trying to do at the moment, he's trying to pure swede the members of parliament that this is the only solution going forward. if they vote against the bailout deal, the only alternative is bankruptcy for this country in the next couple of days. but it's going to be very, very crucial for the president to strong arm the other members of parliament into a positive decision on the bailout deal because at this point in time, he does not have a clear majority in parliament. he only has 20 seats. and
and local government have absolutely been desmated by rising healthcare costs, rising pension benefits they're paying out to retirees. this is the last strom they're paying what is left for snow removal, and they may have to ask for more money. the only silver lininges it forces families to stay home. have that dinner table conversation they might rather not have. they're all stuck in a dark room and can't use electronics. so there's so positives. >> neil: there is that. i'm wondering, this whole first quarter of the year has been buffetted by one storm after another and i'm wondering how it's going to affect the overall economy in terms of gdp and big data we get. will it be slower or is the boom you generally get after something like this make up for it? >> well, again, we still have the head wind from the rise in the payroll tax, which is absolutely affecting consumers. also, gdp will be faked. corporate earnings will be affected be the rising dollar and slow european recovery, if there is a recovery. and when we look at the storms, many in the northeast have fallen othe weekends, the ti
a european government is he seizing the private welt alth of citizens. but it has. we've had two terrific weeks and a pullback on friday, but two terrific weeks that took the dow to 14,500. we're expect the market will come down in the first minutes of business today. down maybe 80, 90 points because of the cyprus situation. whoever thought that we'd be sitting here seeing an obscure island in the mediterranean affect our money so sharply. opening trend is indeed down. here we go, they're opening up the stocks and the dow is now down 48, 50 points, 14,400 we're back to now. and get to individual stocks, three big names and now them, apple, blackberry, boeing, all went up last week and i want to start with apple. according to a new analyst survey, apple set to raise its dividend by maybe more than 50%. it doesn't make any difference, it's down two bucks this morning. now, our partners in all things digital reporting that the blackberry chief told an australia newspaper that the iphone is past its prime. it doesn't make any difference, blackberry is down this morning and boeing's rival airb
rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller depositors should be protected. th
bankruptcy and bailout. can the government come up with a bankruptcy plan for the banks? we will go live to nicosia. >> u.s. president barack obama wraps up his three-day tour of the middle east with a final stop in jordan and a bit of telephone peace brokering. and "cloud atlas" is the front runner in this year's nominations for the german film prize, the lolas. for cyprus, the coming weekend is make or break time. lawmakers have two more days to come up with a bailout plan for the banks or risk sending the whole country into economic collapse. >> the european central bank has said cyprus must come up with 5.8 billion euros by monday in order to qualify for a 10 billion euro bailout. if nicosia fails, the ecb will cut off funding to the ivan. russia further increase pressure on friday, saying it will not offer financial aid until a final plan that the eu is sealed. >> that has the government in nicosia backed or it was a few days ago. that includes a controversial tax on bank accounts to fund the bailout. >> people in cyprus brave the storm to protest outside parliament ahead of a cruci
. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed by another half hour, one hour. one of the lawmakers was walking into the parliament told me things are looking very, very bad at this point. they're going to be debating and voting on the three bills. the first one is the most contentious one. it's the banking bill. they're talking about winding down cyprus's second biggest banks which is going to be split into a good bank and a bad bank. the second bill is going to be on the called solidarity fund. among other things, this includes the nationalization of pension funds. the third one is a bill on capital controls which would be implemented once thi
that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday. financials made a comeback with exposure in europe. also got a boost w
to ask? my deposits are about to get snatched by the government, and, you know, that's a real problem. you're going to see it spread. sandra: spencer, you can't run and hide. if you're an investor, you have to be in the market. how do you hedge risk? >> get real assets, look at commodities. oil did well. you saw the grains do well. they were up in a down market. you saw gold basically be flat. get in real commodities and get out of stocks because stocks are at all time highs. there's no reason p why you should buy now. sandra: peter, you are a bear with the u.s. dollar. it was the euro that took it hard today. >> yeah, you know, the euro was down, but back to the stock market, the stock market doesn't go up every day. just because it went down today, it's not a big selloff in reaction to the news. i mean, you are going to get down days. i think the market should have gone down more than it did because of the problems, but i think all the money printing is what's going to keep nominal stock prices rising. no one way or the other, you lose value of the deposits because if the bank doesn
in limited government and more individual liberty. >> sean: well, then that raises the question when you look at, say, paul ryan's budget versus the democrats they never get into balance. paul ryan saying he can balance it in ten years and increase spending, growth, 3.4% a year. is that conservative enough for you? >> well, we're tugging him in the right direction. last year, you know, my budget balanced in five years. mike lee had a budget that balanced in five years and paul ryan's budget was 28 years to get to balance. this year it's in ten so i think he's coming in the right direction. now, he does things a little bit different and i'm not saying i'm that critical. he tries to bend the curve of spending to slow down the rate of growth. what i say certain things shouldn't be done in washington. department of education i'd send it back to the states. that's what reagan said, what the republican party said. i'm one of the few who would dismantle some of the big bad things in washington and just say, that should remain with the states and the people. that's the only way you'll ever shrink the
? and the u.s. government spent more than a million dollars on aviation towers just a few years ago and now they're being closed. we're going to tell you why. that does not add up. >>> let's go "outfront." >> good evening, everyone. we have breaking news. the denver police say evan eiber, a former colorado inmate and member of a white supremacist gang is linked to the murder of colorado state prison chief tom clemens. we are just getting new information in tonight from court documents filed in texas. investigators say that the shell casings found in his car matched the caliber of weapon used to kill clemens and matched the brand of the casings as well. now here's what we know about eibel. he is 20 years old. he was member of a white supremacist group. once you join, the only way out of that gang is death. he was killed after a high speed chase in texas last night. we have a reporter in colorado right now on who evan eibel is. first, i want to get to jeff krayemer from the el paso county sheriff's department. lieutenant, thanks for taking the time. let's get straight to this breaking news we
, but it is what it is. at the heart of it is ending too big to fail, giving the government new tools to resolve large financial institutions when they feel in a way it will not hurt taxpayers and not subject them to risk. well, it forced losses on the shareholders and creditors of the large financial institutions, which is where they belong. it also requires the federal reserve board to have much tougher prudential standards, so higher capital, more stable liquidity, less reliance on short-term debt. those are the types of things that were problems during the crisis and the fed has been mandated to have better regulation to prevent banks from getting in trouble to begin with. the volcker rule, too, a key part, it was designed to prohibit proprietary trading by those institutions in the government safety net. if you're a bank holding company that has an insured bank that has fdic-backed deposits or access to the federal reserves discount window, you have a lot of government support provided to traditional banks. so volcker is really about customer service. your banking model should be serving cu
responsibility for security to the afghan government. chief washington correspondent james rosen joins me live now. james, bring us up to date. >> reporter: good morning. every leader between u.s. leaders and hamid karzai seems to be fraught with tension and this one is no different. aides say secretary kerry's talks will not dwell on the karzai's allegations that the u.s. and taliban are conspiring to weaken the afghan nation. rather they will discuss security concerns as the u.s. and nato mission in afghanistan winds down over the next 29 months and the need for transparency and fairness in the upcoming elections. for the first time in 12 years hamid karzai will not appear on the ballot. over the weekend jon mentioned secretary kerry met with another leader that. iraqi's leader, nouriel malaki. he wants iran to stop using iraqi airspace to deliver foreign fighters to the fighters and the regime in damascus. >> may made it clear members of congress and people in america are increasingly watching what iraq is doing and wondering how it is that a partner in the efforts for democracy and a partn
. his government has been blamed for a lot. the country has become a bit of a tax haven for rich russians. some banks, we are told now, will reopen on tuesday, but restrictions will be in place. there was real fear there will be a run on those banks when they do reopen and in fact, we have just learned that the two biggest and most troubled banks will not reopen tomorrow. we're told now they won't open again until thursday. what is the u.s. take away from all this, megyn? >> europe, the ally, and trading partner for the united states, certainly, is intact. that's a good thing. but according to experts, the credibility of the euro shall the credibility of the european union has been damaged by all of this back and forth for the past couple of days. as you noted, a very dangerous precedent has been set, that is dipping into private bank accounts to pay for the government, and maybe that's why we see the markets both here and in the states go down today. >> megyn: greg palkot, thank you. it's not often that the economy in cyprus makes global headlines, but experts say the latest and
out with big gdp figures but i don't believe those figures because they come from the government but when you hear specifics from caterpillar saying they have had a drop of 26% in slowdown of sales in china seems to me to indicate a slowdown over in china. >> well, that is exactly what everybody is waiting to hear about. those infrastructure plays, the material plays are so critical. you kind of had a tippoff when you started looking at some of the industrial metal activity especially copper. that is one of the those little canaries in the coal mine as you saw it there could be a pullback and going into earnings announcements with names like caterpillar. there was a little bit of a flag that said, hey, we could be seeing some misses. david: thanks, joe. lauren: thank you so much. stay with us. we'll come back to you when the s&p futures close. david: let us bring in our market panel. we have brian gendreau and guy labad. thank you, gentlemen. good to see you. brian, i want to go to you first. you have background in the federal reserve yourself. what ben bernanke seemed to be tell
-- what caused concerns across europe and across the world. and i think the cypriot government understands that and i think the international community also needs to understand that in the way it's intervening in cypress. we should not let what is clearly a very big problem for cypress become a big problem for europe. >> ross, it doesn't necessarily seem his counterparts are doing anything to resolve this issue right now. but also, it didn't exactly look like westminster there. it looks like he was standing on the back porch or something. >> i can't actually see. i don't know which shot you can see. but, yes, big ben should be behind me somewhere. >> i meant behind george osborne. >> sorry. where i interviewed george was in the media center which is just down the road from the house of parliament. that's why. i didn't know if you were talking about my shoulder or that with george. that's where the journalists go and have breakfast. >> did he, ross, during that brief interview that you had with him or afterwards, express there needs to be more of a sense of urgency as far as britain is conc
's a holiday here on monday. that would give the government five more days to either get money out of russia or come up with some other way to solve the math here. remember when the end game is. this country asked for 17 billion euros from other european countries and they said we're not going to give you that much. we'll only give you 10 billion euros. we'll help you out with recapitalizing the banks but you guys have to come up with nearly 6 billion on your own and really the only place to get it is in deposits. we saw the parliament reject that last night. here's the one piece of insight that i can give you since being on the ground here. overseas everyone was aghast that would try to tax insured deposits. the vast majority of the cypriots we talk to are aghast at the concept of taxing any deposits even the wealthy. they see it as an attack on the business model of the country. and they don't want that to happen. where do you come up with the money is the question? guys, back to you. >> so many different angles as we go on. they'll take an american credit card. you're using credit cards a
or 13 years they're spending -- their spending by the government's gone berserk. it's almost tripled since the year 2000. while government revenues went up nicely in cyprus, the government spended and spent some more and we've seen that in southern europe and elsewhere and now the piper has to be paid . >> mr. forbes, given the differences you've pointed out between the economies and the attitudes of germans and german favors and those of southern europeans, do you think it would be bet father cyprus had just left the -- would be better if cyprus had just left the euro one right now? >> there's no reason why it couldn't fit together if these things were treated as a credit die sis from the very beginning -- crisis from the very beginning. in my country, for example, it won't happen, but let's say the state of illinois, which is an economic disaster disically, defaulted on its bonds, it wouldn't leave the dollar zone, it's a credit problem. that's what this should have been treated as in the beginning. figure out how you deal with the banks that are in trouble, stop piling on new taxe
threat that the u.s. government could come after our private bank deposits? yes, i do. they may not confiscate it as cyprus tried to do however there are plenty of ways to get at it. taxes, you're forced to invest in government securities and under the guise of the financial systems, yes, it's a valid concern and the bank defenders will not acknowledge it u and we've got the dow up 39, 40 points at the moment, a shrug from the stock market at the moment. >> yes, it is. stuart: you think this has no impact on the stock market, more on gold and banking stocks, you think? >> i think so, again, what it does, it calls into question the integrity of the financial community and that's what central bankers and legislators fear most. it's not the markets themselves, it's fear of the market and fear of stability because that is what drives confidence and one thing that bernanke can't afford to lose right now. stuart: here is what i think might happen. a no vote, the russians step in, europe says we can't have russia, and they step in. >> i think a power play and progression of events, but
the reported 10 billion euros. he said the number has been exaggerated by the communist government, the former communist government. the officials are saying the imf nor the ecb has independently verified this figure. tyler, i have a call in to the imf. i'm awaiting their response. >>> 40% of the deposits in the cyprus banks belong to foreigners. many of whom are russian investors. robert frank here with the fallout on this. i guess it's easier for the cyprus officials to say let me take the money out rather than lay the whole cost of this bailout on cyprus' taxpayers. >> but the way they did it is surprising. cyprus is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentio
with the risk of another government shutdown only two weeks away the budget battle heats up on the hill. the house and senate voting this week on their respective plans and then we'll have it out. good morning, everybody. great shot of washington, d.c. hope you had a great weekend. martha: i did. good morning bill hemmer, good morning everybody at home. i'm martha maccallum. what have we got here? president's budget proposal, his will not be released until early april. the dueling congressional plans are the only on shun out there. paul ryan thinks, understandably because it is his plan, thinks it is the best one. >> the goal the republican majority is to get us on a path to balanced budget to put the debt crisis out and borrow time with the bond markets. yes, i believe the president won't pass our budget into law but let's get a down payment and get a good start on the problem. that to me a constructive bipartisan engagement can accomplish. bill: with that as a baseline kelly wright live at the white house this morning a lot of talk about a grand bargain, is that being revived, kelly?
. what i'm saying is from a government perspective in russia, addressing this in a broader issue and not just capital flight, do russians want 120 going out and 130 going back in. it underlines the fact that putin doesn't control a lot of money going out of the country. >> that's a good thing. it's a capitalist society. the situation between russia and cyprus is partly rich russians using cyprus. that's one thing to say. the second thing is the way russian companies are structured is the legacy of the fact that 10 or 15 years ago russians wanted to do business with the world but their own structures were so underdeveloped because they were so young because they had to use russia and they had to use cyprus. it isn't sustainable in the medium term. more and more of the market is coming back offshore. a major initiative to make moscow an international financial center. apart from that, you have to look at the diplomacy of this. it looks as if the deposit grab is being deliberately designed in order to tax russian companies and relatively wealthy russians. about a third of the deposi
nations. ban ki-moon, says the u.s. investigation will be wider than the one the syrian government requests. the rebels were accused of using chemical weapons. the rebels say that's a lie and the syrian forces used the weapons. ed, president obama said he is deeply skin tack cal of the claims and says the united states and our allies are trying to figure out whether the syrian regime crossed what he calls the redline. how significant is this step by the general secretary? >> it's significant in the sense it has the potential to be the first formal and independent investigation of the claims that chemical weapons have been used in the syrian civil war. on the other hand, it should be remembered that this is an investigation requested by the syrian government as a member state of the united nations, and they have only requested investigation of the alleged incident that occurred on tuesday outside the northwestern syrian city, not any other allegations of the use of chemical weapons by the syrian government themselves. ban ki-moon, was quick to make that clear today. >> i'm, of cours
are faced with a government reaching into their personal bank accounts to pay its bills. this is not like a tax. it's a smash and grab. the government runs the banks, so when they're failing and need money, they could keep the deposits that the citizens have inside their accounts. cyprus needs to come up with 7 1/2 billion dollars on its on in order to get the european unions to loan it the rest of the money to keep the country running. it's like matching funds in a highway and in belgium holding last minute talks with european leaders. they better talk quickly because the european bank has been giving emergency cash to cyprus to keep the banks there afloat. that cash stops tomorrow if there's no deal in the works. some pictures now from earlier. citizens filling the streets in panics and their businesses hurting from no cash flow and the atm's shut down. and they're worried the government will take their money. greg palkot is in cyprus and brenda buttner in the studio. let's go to graeg. what's the latest for cyprus. >> reporter: harris, it looks like it's going to be an all-nighter. an
. they are debating this bailout proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a one-day postpone meant on the vote because at this point they are prepared to have sustained. cyprus' finance minister, who headed to moscow to appease some of the russian depositors has offered his resignation. people are observing what is going on in parliament. the euro has fallen the lowest since november 22nd. we're also hearing that the british ministry of defense is airlifting about a million euros to be distributed because the banks remain closed in cyprus. >> bertha, thank you very much. another story involving fake facebook shares. scott cohn has been looking into it. >> the facebook ipo and how hyped it was, how everybody wanted to get their hands on the pre-ipo shares. a man, 71 of florida, allegedly told investors that he had shares and raised about $8 million, it was all a ponzi scheme. he's charged in a four-count criminal complaint as well as a civil suit by the security and exchanges commission. could face up to 20 years in prison. he claimed he had pr
the high cost of government. >> i don't understand all the commotion about jones, especially if they are used by law enforcement. you mentioned that people think you are crazy if you are for jones. but what about the privacy base? think about it. police five helicopters over your house now. they have cameras. do you have a problem with that? they are useful and valuable as a law enforcement tool they can help look for lost people and bad guys and their quick on their response. the fuel and maintenance costs is lower than the cost of a helicopter. as a pilot, i want them flown on the under the watchful eye of the faa. but let's help law enforcement do a better job of keeping our neighborhoods safe. melissa: thank you, tom. be sure to catch it at seven and 10:00 p.m. on saturday and sunday, the tom sullivan show. i will be a guest this weekend. happy friday and thank you for joining us. have a great weekend. >> welcome, i am shibani joshi and four gerri willis. we will tackle the new blackberry. as i don't have anything to worry about? we will discover and talk about that as we
for financial bailout. but early today the cyprusian government is sparking concern throughout the region. joining me is andrew ross sorkin of the "new york times" and francesco guerrera for financil economic. simon i'll win good you. what's going on. >> well the explanation part is that a number of cyprian banks gambled and lost in a big way on greek debt. they facing big losses and these banks are big relative to the economy. the economy needs financial assistance from the outside from the european union and i'm afraid the people running the show presumably the germans in the first instance have decided greek depositors should take a hit. the way that played out at least over the weekend was all depositors would take a hit of some kind no matter how small their deposit. it sales to be now an attempt to back away from that and focus on people with deposits over 100,000 euros targeting in part russians who hold a large amounts of money, claims on those cyprian banks. >> rose: when that happened what was the talk in the financial community citing your com a couple quotes one from dennis
with you with the analogy. thanks so much. >> thank you so much. >> markets in the red as cypress governs pushing the vote on a bailout by another day, and the next guest says it's no agree. this is an isolated incident in a country so small with a very small limited economic output it went have an impact. joining us now is paul, president of heritage capital, and, paul, great to have you on the program. i know you heard phil's report on how the commodities markets react, and, yesterday, it seemed like investors were nervous, then calm, and, perhaps today they are nervous because maybe it's not just an isolated incident. maybe there will be a ripple effect more than anticipated. is it time? can you put it in the rearview mirror? >> we heard from the -- the last couple years, whatever it takes, they save the euro. whatever it takes. they are not going to have to load a revolver to save cypress, if they even want to. i think cypress is a one often. there's a lot of air in the markets. up roughly 10% on the year in equity, so, of course, any possible reason to pull some profits off the table
from the european central bank. it has created a solidarity, allowing the government to have power to impose capital controls on the big banks. while worried residents are lining up at atms. joining me now to help me with these developments is leadership for euro pacific capital. let me just start off the bat and ask you, the country has agreed to this solidarity funds. but i can't quite tell if this is the solution that the eu wants. could make good on the threat to kick out cypress? >> anything is possible. you know, i think the outrage over this deposit tax is about the honesty of the approach. if you think about it, citizens around the world suffer from that tax. in the united states, how long havee had 0 #% interest rates in the united states how much money have savers lost who keep money in the bank because they have not received interest on deposits all these years? what about prices? because the federal reserve does quantitative eang, food prices go up, gas prices up, and deposits lose value. ateast with the tax in cypress, it was more honest. the government up front saying
, you're buying a bet that is secure, as we saw the government took some of that away in the financial crisis here in the u.s., the backdrop of our racing a little? >> it certainly shows up in the various qualitative measures that are in here when you ask about how secure is the credit structure, shows up in those measures and the u.s. dropped. david: finally, i assume if they eventually go ahead and confiscate the bank deposits we would at least be above them, am i correct? >> we would be above them, they would drop substantially. david: great to see you, regulations on the report. lauren: sometimes the road to opportunity takes you through other countries. up next, focusing even deeper into the emerging market and the publicly traded companies that stand to make money off of them, money you could be making. stay with us. investor. yeah, i'm a serious investor but i'm busy guy. it used to be easier but now there are more choices than ever. i want to know exactly wh i am investing in. i want to know exactly how much i'm paying. i want to use the same uff the big guys use. find out why
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